Do you qualify for an HEI? Hometap eligibility in plain terms

A home equity investment is a flexible, alternative financing solution that allows homeowners to tap into their home’s equity without taking on monthly payments. With a Hometap Investment, homeowners receive cash in exchange for a share of their home’s future value, and enjoy breathing room to pursue their most important financial goals without straining their monthly budget. There are no monthly payments, and no restrictions on how the funds are used for the life of the Investment (10 years). The online application is streamlined and simple, and each homeowner is paired with a dedicated Investment Manager to guide them through the process.

The short answer: it could be! But there are a few things to consider when determining if a home equity investment is the best financing option for you, like:

• How much cash do you need?
• How long do you plan to stay in your home?
• How much equity do you have in your home? (This is the share of your home you own outright)
• How do you feel about adding a new monthly payment?

Your answers to these questions can determine if an HEI would be a good choice to help you pursue your financial goals, or if another financing option might work better. For example, if you’d prefer to avoid adding a monthly payment, an HEI might be preferable over a Home Equity Loan or a HELOC (both of which do have monthly payments). On the other hand, if you don’t plan on staying in your current home for more than two years or have less than 25% equity in your home, an HEI might not be the best fit at this time.

Want more info about HEIs or still curious if they would work for you? Take our HEI Fit Quiz to find out. It’s only four questions and there’s no personal info required. Take the quiz

Because there are a lot of factors that go into determining if Hometap can make an Investment in a property, each property is evaluated independently. That’s why we suggest you start an Investment Estimate so that our Investment Managers have the information they need to speak with you about your specific scenario. Here are some of the qualities that tend to make for a good fit:

• Your home is located in a state in which we’re currently operational. We currently invest in the following property and occupancy types:
  • Single-family homes
  • Condos
  • Vacation and rental properties
  • Multi-family homes (1-4 units)
  • Manufactured homes
• You have a minimum FICO requirement of 575
• You have a minimum of 25% equity in your home
• You’re looking for an investment between $15,000 and $600,000 (minimum amount varies by state, and maximum amount will depend on home value and equity percentage)

The more you know about your home equity, the better decisions you can make about what to do with it. Do you know how much equity you have in your home? The Home Equity Dashboard makes it easy to find out.

Everyone’s motives and methods around homeownership are personal — there are few “right” answers in life, and ultimately it’s up to you to weigh your options and make the decision that best fits your needs.

To qualify for a Hometap Investment, you must have a minimum FICO score of 575. We also typically look for an LTV (loan to value ratio) maximum of 75%, so if you have less than 25% equity built up in your property (for example, if you’ve only been in your home a very short time), Hometap might not be the best fit for you.

It’s also important to determine if our settlement options fit into your plan. Hometap Investments have a 10-year effective period. You may settle your Investment within that time through the sale of your home, a refinance, or with savings.

Additional requirements may apply. Hometap's eligibility criteria, terms, and conditions are subject to change.

The effective period of a Hometap Investment is 10 years. You can either buy out our Investment with savings, take out a home equity (or other) loan, or sell your house during the effective period. We call this settling the Investment.